Automotive Oil Pump Market Outlook 2031
- The global automotive oil pump market was valued at US$ 14.55 Bn in 2020
- It is estimated to expand at a CAGR of 4.12% from 2021 to 2031
- The global automotive oil pump market is expected to exceed the value of US$ 22.68 Bn by the end of 2031
Can Startups Outdo Established Automotive Giants in Oil Pump Innovations?
Automotive oil pumps are one of the most important components in the internal combustion engine of vehicles. However, cut-throat competition in the automotive industry has forced companies in the automotive oil pump market to invest in R&D to gain an edge over other market players. Since the market is dominated by top-tier players, new entrants are facing a stiff competition, which indicates that it is potentially challenging for start-ups to onboard investors. Thus, thorough R&D is emerging as a winning strategy to innovate in automotive oil pumps.
The proliferation of electric vehicles (EVs) is contributing to the expansion of the global automotive oil pump market. Stakeholders in aftermarkets and OEMs are leveraging this opportunity to strengthen and diversify their supply chains in developing economies such as India, China, and Taiwan. They are increasing the availability of electric oil pumps that optimize functions of cooling, lubrication and actuation in electrified vehicles.
Big Data Useful for Determining Raw Material Prices amid COVID-19 Crisis
The automotive oil pump market is positioned for healthy growth in the upcoming months, as market stakeholders adjust to a new post-pandemic normal. OEMs and stakeholders in aftermarkets are rethinking supply networks by procuring alternate partners to ensure business continuity. Automotive giants are adopting contingency strategies to overcome challenges associated with slow movement of goods and services.
OEMs and stakeholders in aftermarkets of the automotive oil pump market are taking data-driven decisions to arrive at competitive prices for raw materials and other components used in electric oil pumps & mechanical oil pumps. Big Data is useful to predict volatility in raw material prices for designing automotive oil pumps.
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Cobots Hold Potentials to Introduce New Automotive Oil Pumps Sooner in Market
One of the most prominent trends in the automotive oil pump market is automation. Production and assembly lines are witnessing the influx of collaborative robots, also known as cobots, to accelerate processes in factories and manufacturing plants. However, top management must ensure safety of the labor force due to potential malfunction of cobots.
Companies in the automotive oil pump market should adopt good manufacturing practices and adhere to the OSHA (Occupational Safety and Health Administration) guidelin Grab an Exclusive PDF Brochure of this Report @
es to avoid any accidents at manufacturing plants. Workers should be provided with PPE (personal protective equipment) such as helmets and coveralls, while working with cobots. Thus, cobots hold promising potentials to introduce new automotive oil pumps sooner in the market landscape.
Online Advertising Grows Popular for Brand Awareness
Apart from automation, marketing and branding are emerging as important strategies to gain a competitive edge over other market layers. In order to achieve this, companies in the automotive oil pump market should develop focus groups, seek feedback from stakeholders in the value chain, and increase R&D spending to innovate in new automotive oil pumps.
Automotive companies should work closely with OEMs in the market to devise promotional activities through social media and digital marketing. Stakeholders should participate in media planning and buying for digital marketing, along with fixing advertising budgets for traditional media channels such as print, TV, and radio. The concept of programmatic advertising is being publicized for developing high-conversion digital marketing strategies.
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Companies Unlocking Revenue Opportunities by Developing Next-gen Electric Oil Pumps
In order to remain relevant in the next decade, automotive companies are tapping growth opportunities by designing leading-edge electric oil pumps. Governments of China, India, and countries of Europe such as Germany, France, and Italy are keen on meeting their zero-emission targets by the end of 2050. Thus, electrified vehicles and autonomous vehicles are creating long-term revenue opportunities for automotive oil pump manufacturers.
Automotive Oil Pump Market: Overview
- Surge in demand for passenger vehicles, increase in purchasing power of customers, high disposable income of people, rise in production and sales of both passenger and commercial vehicles, and rapid urbanization in different countries can be attributed to the increase in overall vehicle miles driven globally, which, in turn, are likely propel the automotive oil pump market during the forecast period
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Drivers of Automotive Oil Pump Market
- Automakers have been introducing advanced technologies in the past few years to cater to the increasing demand for fuel-efficiency and high operating capability in vehicles from customers
- Technological developments have led to the replacement of mechanical pumps in passenger cars with electric pumps. These pumps have variable flow as per the requirement and hence, they can boost the overall fuel-efficiency of the vehicle. However, mechanical pumps are still utilized in commercial vehicles, as they are more reliable than electric pumps.
Automotive Oil Pump Market: Regional Analysis
- Based on region, the global automotive oil pump market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- Asia Pacific accounted for a major share of the global automotive oil pump market. Asia Pacific is a leading producer of automobiles worldwide and is estimated to maintain its position over the next five years. The region comprises rapidly expanding economies such as China, India, and South Korea. Governments of these expanding economies have recognized the growth potential in the global automotive market and hence, have adopted different initiatives to attract major OEMs to enter their domestic markets. This has further led to an increase in vehicle production volumes in the past few years, which not only caters to domestic demand but overseas demand as well.
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